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FirstAlert(tm) Daily 8/31: Powering Through The Surge

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August 31, 2009 (FinancialWire) (By Genevieve Hawkins) — The stock market managed slight gains last week on the back of financial companies such as AIG (NYSE: AIG), and lacking momentum Wall Street may be able to power through some bad news.

Last week the Dow gained a tiny 0.4%, while the S&P 500 gained 0.3% and the Nasdaq increased 0.4% as a buoyant mood evaporated as the days progressed. The lull in data in the coming week will likely lead to light trading through Friday’s all-important employment numbers.

With earnings season over, headlines will be dominated by economic reports, including numbers on manufacturing, factory orders, and July pending home sales. A report on August car sales is also due in the coming week, which may show a boost due to the Cash for Clunkers program. Data may support a stabilization of the economy and a statistical rebound from very low numbers, but this does not equal a recovery.

Many market participants will be waiting for Friday’s data on jobs, but the numbers are likely to paint a mixed picture. The market may power through the summer lull with another upswing.

 [Go to http://www.financialwire.net/?s=genevieve+hawkins to see more commentaries by Geneveive Hawkins.]

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ/AMEX 25 Most Actives and NYSE/NASDAQ/AMEX greatest Percentage Losers and Percentage Winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ/AMEX 25 Most Actives and NYSE/NASDAQ/AMEX greatest Percentage Losers and Percentage Winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Of the Most Actives, last session’s trading showed 17 advancers versus 8 decliners. Volume leaders were led by Citigroup Inc. (NYSE: C) trading 145,517,000 shares closing at $5.23 (up 3.6%), E-Trade financial Corp. (NASDAQ: ETFC) trading 67,444,488 shares closing at $1.64 (up 13.1%) and the PowerShares QQQ Trust Series 1 (NASDAQ: QQQQ) trading 35,588,265 shares closing at $40.44 (up 0.1%). Of last session’s Greatest Percentage Losers, stocks taking the greatest monetary losses were led by Vonage Holdings Corp. (NYSE: VG) trading on volume of 3,364,100 shares (losing $96.6 million), Immunomedics Inc. (NASDAQ: IMMU) trading on volume of 1,656,106 shares (losing $80.4 million) and LIN TV Corp. (NYSE: TVL) trading on volume of 58,300 shares (losing $35.0 million). Of last session’s Greatest Percentage Winners, stocks making the greatest monetary gains were led by Echelon Corporation (NASDAQ: ELON) trading on volume of 354,355 shares (gaining $84.4 million), Trubion Pharmaceuticals Inc. (NASDAQ: TRBN) trading on volume of 50,070 shares (gaining $30.9 million) and Helicos BioSciences Corporation (NASDAQ: HLCS) trading on volume of 905,188 shares (gaining $30.4 million). [Go to http://www.financialwire.net/?s=%22%27Money+Index%27+Synopsis for all the most recent FirstAlert(tm) "Money Index" Synopses.]

The FirstAlert(tm) Economics Calendar lists Chicago PMI for August (9:45 a.m.), Treasury auctions 3&6-month bills (1 p.m.).

The FirstAlert(tm) Events Calendar showcases Credit Suisse Group China Internet Corporate Days; GIII, TRLG at Lazard Capital Markets MAGIC Retail & Apparel Conference.

FirstAlert(tm) Website of the Day: http://www.historyofmacedonia.org/RomanMacedonia/MacedonianDynasty.htm

Quote of the Day: “I’m proud to be paying taxes in the United States. The only thing is, I could be just as proud for half the money.” Arthur Godfrey

Today is: Independence Day in Trinidad and Tobago, Freedom Day in Malaysia,

Happy Birthday: Fredric March, Arthur Godfrey, Sir Bernard Lovell, Richard Basehart, Alan Jay Lerner, Buddy Hackett, James Coburn, Frank Robinson, Van Morrison, Itzhak Perlman, Richard Gere, Edwin Moses.

Today in History: Byzantine Empress Theodora died suddenly in 1056 without children to succeed the throne, ending the Macedonian dynasty. Union forces led by General William T. Sherman launched an assault on Atlanta, Georgia, in 1864. An earthquake killed 100 in Charleston, South Carolina, in 1886. Thomas Edison patented the kinetoscope, the first movie projector, in 1897. The Federation of Malaya gained its independence in 1957 from the United Kingdom.

[FirstAlert(tm) was created by Gayle Essary, founder of Investrend Communications, Inc., parent of Investrend Information. The opinions expressed in FirstAlert(tm) do not necessarily reflect the opinions of Investrend.]

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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